Paramount Skydance disclosed the terms of Ynon Kreiz’s deal to become co-CEO of the soon-to-be-created entertainment giant Thursday.
According to Kreiz’s contract, which was disclosed in an SEC filing, he will receive a $5 million salary (once the Warner Bros. Discovery deal closes), as well as a $4.9 million annual target bonus. The $5 million salary would be on the high side for media and entertainment CEOs.
He will also receive a signing bonus in the form of $31.5 million in restricted stock units, with an annual award of RSUs valued at $20.1 million, as well as $5.1 million in RSUs provided as part of a long-term incentive plan.
Kreiz’s actual take-home pay will obviously vary widely by year (and with the combined company’s stock price), the bonuses are also subject to performance conditions. That said, the RSU-heavy package means that if the company’s stock appreciates, so will his equity.
David Ellison, who will be chairman and CEO of the combined Paramount-Warners, recruited Kreiz from Mattel to become co-CEO and help him manage the company’s day-to-day operations. According to the filing, Paramount Skydance’s board and Kreiz agreed to the deal on Sep. 27. He will start on Monday Oct. 5, with the WBD deal expected to close the next day, Oct. 6.
By contrast, Kreiz’s compensation package at Mattel last year was about $15 million.
